Amerindo Funds founder Alberto Vilar plead "not guilty" to charges that he stole $5 million from an investment client. Vilar appeared in U.S. District Court for the Southern District of New York Monday morning to make the plea.

He remains in custody at the Metropolitan Correctional Center, where he has been held since his arrest on May 26.

Vilar's lawyer Susan Necheles said that she expects him to meet the $4 million bail sometime in the next couple of days. His next hearing is set for June 20.  

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